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The Open University

Risk management

The Open University via OpenLearn

Overview

Recent decades have seen an array of news stories where risk management failings have undermined an organisation and dented the credibility of its management. These failings have led to the demise ...

Syllabus

  • Introduction and guidance
  • Introduction and guidance
  • What is a badged course?
  • How to get a badge
  • Acknowledgements
  • Session1Session 1: Living in a world of risk
  • Introduction
  • 1 What do we mean by risk?
  • 2 The importance of managing risk
  • 3 Risk in everyday life
  • 4 Managing risk: a brief history of risk management
  • 5 Business impacts
  • 6 Understanding and expressing risk
  • 7 The risk management process
  • 8 This session’s quiz
  • 9 Summary of Session 1
  • Glossary
  • Acknowledgements
  • Session2Session 2: Establishing the context
  • Introduction
  • 1 Enterprise Risk Management (ERM)
  • 2 Risk appetite
  • 3 Why is an Enterprise Risk Management framework needed?
  • 4 The components of a company-wide ERM framework
  • 5 The Risk Management Plan (RMP)
  • 6 The key components of an RMP
  • 7 This session’s quiz
  • 8 Summary of Session 2
  • Glossary
  • Acknowledgements
  • Session3Session 3: Risk identification
  • Introduction
  • 1 The basics of risk identification (What do I need to identify?)
  • 2 What should a ‘well written’ risk statement contain?
  • 3 Different risk identification approaches
  • 4 Styles of risk management
  • 4.1 Top down v. bottom up
  • 4.2 Standardised risk approach
  • 4.3 Standardised elements – controls, root causes, consequence
  • 4.4 Categorising different types of risk
  • 5 Documenting the risk (‘risk registers’)
  • 6 Human factor elements in risk identification
  • 7 This session’s quiz
  • 8 Summary of Session 3
  • Glossary
  • Acknowledgements
  • Session4Session 4: Risk assessment
  • Introduction
  • 1 Basic elements of risk assessment
  • 2 The importance of assessing all consequences
  • 3 How to go about assessing a risk
  • 3.1 How to quantify impact
  • 3.2 How to deal with risks that are on a continuum
  • 3.3 Risk aggregation
  • 3.4 Using mathematical models
  • 3.5 Human factors in risk assessment
  • 4 This session’s quiz
  • 5 Summary of Session 4
  • Glossary
  • Acknowledgements
  • Session5Session 5: Risk treatment
  • Introduction
  • 1 Risk treatment overview
  • 2 Treatment options
  • 3 Treatment strategies
  • 3.1 Acceptance
  • 3.2 Rejection
  • 3.3 Transfer
  • 3.4 Mitigation
  • 4 Mitigation through action
  • 4.1 Assessing action effectiveness
  • 5 Mitigation through controls
  • 5.1 Elements that make a control
  • 5.2 Different types of control
  • 6 Control effectiveness
  • 6.1 Testing control effectiveness
  • 7 Human factors as a controls weakness
  • 8 This session’s quiz
  • 9 Summary of Session 5
  • Glossary
  • Acknowledgements
  • Session6Session 6: Monitoring and review
  • Introduction
  • 1 Are the right risks being taken?
  • 1.1 Risk reviews
  • 1.2 Risk key performance indicators (KPIs)
  • 1.3 Deep dives
  • 2 Is the risk management effective?
  • 2.1 The role of risk assurance
  • 2.2 Risk and assurance – three lines of defence
  • 3 Risk-based assurance
  • 3.1 Controls
  • 3.2 Mitigation actions
  • 3.3 Risk framework
  • 3.4 Human factors and internal controls
  • 3.5 Antidotes to behavioural issues
  • 4 This session’s quiz
  • 5 Summary of Session 6
  • Glossary
  • Acknowledgements
  • Session7Session 7: Managing risks: communicating and reporting
  • Introduction
  • 1 How are the requirements implemented at Rolls-Royce?
  • 2 Working with stakeholders
  • 3 Risk ownership in a matrix business
  • 4 Communication and consultation
  • 5 Recording and reporting
  • 5.1 Risk recording
  • 5.2 Risk reporting
  • Reporting to the board
  • 5.3 Reporting considerations
  • 6 Risk systems and tools
  • 7 Human factors associated with risk reporting
  • 8 This session’s quiz
  • 9 Summary of Session 7
  • Glossary
  • Acknowledgements
  • Session8Session 8: Risk specialisms
  • Introduction
  • 1 Business continuity and crisis management
  • 2 Internal controls
  • 3 Project risk management
  • 4 Emerging risk management and horizon scanning
  • 5 Safety risk management
  • 6 This session’s quiz
  • 7 Summary of Session 8
  • Where next?
  • Tell us what you think
  • Glossary
  • Acknowledgements

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